Tod's: in fashion as LVMH raises stake to 10%
(CercleFinance.com) - Tod's announces that LVMH has increased its stake in its capital to 10%.
Diego Della Valle has entered into an agreement with Delphine S.A.S. (a wholly owned subsidiary of LVMH) for the sale of 2,250,000 shares of Tod's S.p.A., representing 6.8% of the capital of Tod's. Note that LVMH already holds 3.2%.
The price per share has been set at 33.10 euros, equal to the weighted average price of Tod's shares over the fifteen trading days prior to the signature.
At the end of the transaction, Mr. Diego Della Valle will hold, directly and indirectly, 63.64% of the outstanding Tod's shares, while LVMH will hold 10.0%.
Is Bernard Arnault strengthening his grip, simply to dissuade potential predators who could be interested in a brand whose revenues are not expected to exceed 750 million euros in 2021, with an estimated loss of around 40 million euros? Invest Securities asks this morning.
Whatever the case, Tod's shares are definitely in fashion this morning - in demand from investors, they are up almost 8% in early trading in Milan this Friday.
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